Lenders to Start Disclosing When
Credit Score Affects Rate Quote
Source:
Informa Research Services
(12/22/2010) Starting
January 1, lenders will be required to provide a disclosure that alerts
consumers if negative information on their credit affected the rate quote they
received. Â Consumers can use these alerts as a way to double check whether or
not it would be a smart idea to pursue their mortgage to fruition. Â If there are
errors or inaccuracies on your credit report, it might be smarter to correct
them so that you can qualify for a lower interest rate.
Online
rate tables provide an easy and efficient way for those with great credit to shop for the
best rates on their mortgage. Â Homebuyers should always keep an eye out for attractive
rates while looking for a home. Â Just like shopping for a home, it may take a little
bit of time to find the best deal, but it will be well worth it in the
end.
Rates are currently on the rise, but there are plenty of low rates being offered. Â By
comparison rate shopping, you can save hundreds of dollars a month and thousands
over the term of the loan by finding the lowest possible rate. Â This can also
apply to those who are looking into refinancing a current home loan.
